GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.70% against the USD and closed at 1.2887 on Friday.
On the data front, UK’s retail sales climbed 4.2% on an annual basis in January, buoyed by robust growth in clothing and footwear sales and registering its biggest increase since December 2016. Market participants had envisaged for a rise of 3.4%. In the prior month, retail sales had registered a revised gain of 3.1%.
In the Asian session, at GMT0400, the pair is trading at 1.2915, with the GBP trading 0.22% higher against the USD from Friday’s close.
Overnight data indicated that Britain’s Rightmove house price index rose 0.2% on an annual basis in February, following an advance of 0.4% in the preceding month.
The pair is expected to find support at 1.2827, and a fall through could take it to the next support level of 1.2738. The pair is expected to find its first resistance at 1.2962, and a rise through could take it to the next resistance level of 1.3008.
Amid lack of macroeconomic releases in UK today, investor sentiment would be determined by global macroeconomic events.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
